4 Aug 2008

Fiji economy contracted by 6.6 percent in 2007

1:37 pm on 4 August 2008

New figures show Fiji's economy contracted by 6.6 percent last year which is more than two percent more than expected.

Earlier figures estimated that the contraction after the 2006 military coup was 4.4 percent.

But last week, the interim finance minister, Mahendra Chaudhry, said the coup had saved the country from economic collapse.

Since the coup there have been reports of a drop in business confidence and a 9.6 per cent fall in tourism takings.

Fiji's trade deficit also worsened to May this year, to about 500 million US dollars.